The property offers four acres in Carmel-by-the-Sea, a private forest of redwood and oak trees, without a neighbor in sight. Within the acreage, raised beds and fruit trees complement the native trees. A wide, flat expanse of lawn for picnics and games brings to mind idyllic family vacations.

Structures on this lot include a two-story cottage with west-facing decks (two bedrooms and a bathroom), a separate guest house (one bedroom, one bathroom), an artist’s studio complete with kiln shelter and half-bath, and a fourth structure that new buyers could turn into just about anything—a planting shed, music room, writer’s studio.

Indeed, the whole set up lends itself to creativity. The official listing boasts repair or expansion potential, pointing out, “The water supply is excellent, the entrance road is in good repair, and the fire station is nearby.”

The location seems vacation ready: “True, this is Big Sur, with its allure and history, yet it is only a short drive to the Monterey Peninsula, with its plethora of cultural events. Full-time or weekends, this is a dream destination!”

Dreaming is free, but 37763 Palo Colorado isn’t. Built in 1972, this home sold most recently in 1977 for $50,000. Today, it will cost you $1.1 million.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. FollowAnna on Twitter: @AnnaMarieErwert